MU: Solidifying Structural Transformation - 16 SCAs Signed ($100B+ RPO); Supply < Demand Beyond CY27; PT to $1,525

Research evidence excerpt

MU: Solidifying Structural Transformation - 16 SCAs Signed ($100B+ RPO); Supply < Demand Beyond CY27; PT to $1,525

Equity Research

Price Target Change — June 24, 2026

Semiconductors

Micron Technology, Inc.

Solidifying Structural Transformation - 16 SCAs Signed Overweight

($100B+ RPO); Supply < Demand Beyond CY27; PT to Price Target: $1,525.00

$1,525

Notable Changes

Our Call $ (Aug) Current Prior % Chg

Structural transformation solidifying w/ 16 SCAs; $100B+ RPO via SCAs thru CYE30 w/ Price Target $1,525.00 $1,220.00 25.0%

rev to 'well exceed' this & progression of SCAs to ~50% of rev. Increasing confidence in EPS 2026 73.94 64.00 15.5%

60%-65% thru cycle GM% + sustained re-rate; PT to $1,525 (~9.5x FY28 P/E). EPS 2027 157.99 132.47 19.3%

Rev. (MM) 2026 130.22B 116.53B 11.7%

What Matters Most Rev. (MM) 2027 252.12B 215.92B 16.8%

• 16 Strategic Customer Agreements (SCAs): MU now has 16 signed SCAs (4 large

customers; 3 medium-sized; remaining smaller across auto) - significant reaffirmation Ticker MU

of our long-standing thesis that the strategic value of memory is further expanding Upside/(Downside) to Target 45.4%

via AI proliferation. Avg. terms at ~5 yrs (CY26-CYE30) w/ current aggregate RPO @ Price (06/24/2026) $1,048.51

$100B+ (mgmt expects rev to 'well exceed' this figure). Fixed price or price ceiling SCAs 52 Week Range $103.38 - 1213.56

to progress to ~50% of MU's rev . See add'l discussion below. Market Cap (MM) $1,197,398

Enterprise Value (MM) $1,172,992

• Supply < Demand Beyond CY27; Servers Uptick. MU sees tight industry supply < Average Daily Value (MM) $53,587

demand persisting beyond CY27 (DRAM & NAND). MU now sees CY26 server ship

growth in high-teens vs. prior +DD% y/y outlook; trad'l servers growth in mid-teens. Dividend Yield 0.0%